ETH/USD hit a fresh all-time at 250 levels on June 04 following a consistent break above 5-DMA. It is currently trading in narrow range between 239 and 244 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 198.52

Kijun-Sen: 165.02

On the upside, the pair faces resistance at 256 (127.2% extension of 40.12 and 210) and a consistent berak above would see it testing 273 (161.8% retracement of 210 and 107.06)/312.

On the daily chart as RSI is holding at 78 and MACD line is above signal line on the daily chart. However, bearish divergence could be seen on daily charts in RSI and stochs. Also, Stochs are in the overbought zone.

Some weakness could be seen on 4-hour chart, as RSI is at 65 with lower bias, stochs have rolled over from overbought zone and the pair has broken below 4h 5-SMA and hovering around that level. We could see some consolidation around current levels as overall bias remains bullish as long as the pair holds above 5-DMA.

Traders are advised to watch out for a break below major indicators for signs of reversal.

On the downside, a break below 225.50 (5-DMA) would target 206.78 (10-DMA). Further weakness would see the pair testing 173.06 (20-DMA)/154.40 (61.8% retracement of 107 and 231).